Legal Question in Credit and Debt Law in California

Statute of limitations Bank Business Loan
My wife took out a bank business loan back in 2003. A verbal application was taken over the phone on Dec. 31, 2002. Since then we hav struggled to pay them back as agreed in the terms due to medical issues. However we have paid them consistantly. They are now calling the loan in full and want the total amount paid. They are threatening law suit and wage garnishment. They sent us a recording of the verbal application as we requested. Is this still inforceable? Is the verbal ''personal guarantee'' still inforeable on this business loan? The last payment made was about 2 months ago. Can we fight this or is bankruptcy our only recourse? The loan was taken out in California, but we now live in Indiana. If that makes any difference.

Thank you

Asked on 7/09/08, 12:07 am

OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

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Re: Statute of limitations Bank Business Loan

Statute of limitations is 4 years from breach. You may always try to fight it or settle for a lesser amount. Contact me directly.

Answered on 7/09/08, 12:39 pm

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